Long before now, the digital currencies or simply put, the Crypto space have been hit with so many regulations and laws by several Governing bodies and regulators in various parts of the world. In China, crypto and every other related service which is attached to it have had to experience or go through so many bans and regulations since its inception and creation as far back as 2009.
The Chinese Government have continued to create FEAR, UNCERTAINTY AND DOUBT (FUD) to the crypto space and into the minds of investors as she’s always Anti- crypto and have never been fully supportive of having to recognise crypto as a means of payment for services and goods.
Bitcoin is down by 5% which happened immediately after the People’s Bank of China, made it known to the public saying, “Crypto currency is an illegal asset to hold or be involved in,” Let’s run us through the so many bans and regulations which the cryptocurrency world have had to go through since 2009 in the hands of the powerful leading country, China.
Digital Currencies Ban of 2009
This was the early stages of Crypto currencies. With China known for its anti-virtual asset attitude, the digital currencies suffered a harsh law this year after the country’s Minister of culture and ministry of Commerce publicly Announced to its people to Disengage from such and also banned the use of anything relating to crypto. This move began to spring up the notion of setting some regulations from various bodies and regulators in different countries and parts of the world.
The Major and first Ever Ban passed on bitcoin by China in 2013
Another known one was the fake news which circulated in the country about the central bank planning to stop every crypto related transaction in the year 2014.
The China based Crypto Exchange (Bitfinex) which got hacked and was said to have suffered a loss amounting to $5 billion dollars as at the time it was reported. This news created uncertainty and disengagement in the crypto space as at that time as well as seeing Bitcoin suffer a 10% drop in its price during that period.
In the year 2017, the country’s government passed Multiple bans on the crypto space in this same year.
These are a few out of the many regulations which Crypto and Bitcoin have had to suffer and experience in the hands of China since its inception. Despite all of these, digital assets still thrive and keep cementing its place in the World as the next big thing in the financial space.
